Posted: Fri Oct 29 2010, 02:25 hrs

http://www.indianexpress.com/news/FinMin-looks-to-amend-money-laundering-Act-to-include-non-profit-firms/704196

New Delhi: Having become a member of the Financial Action Task Force (FATF), an inter-governmental body to combat money laundering and terrorist financing, the finance ministry is working on amending the Prevention of Money Laundering Act (PMLA) for conforming to the standards laid down by FATF, sources told The Indian Express.

Sources said that PMLA, the Indian law for checking money laundering and terror funding, though stringent, has many areas that are non-complaint or partially complaint to FATF guidelines.

“These amendments are not only going to help India comply with FATF guidelines, they are also targeted towards resolving problems currently faced by the Enforcement Directorate and Financial Intelligence Unit,” sources added.

ED is the agency that is responsible for implementing PMLA while FIU collects data from all investigating and intelligence agencies for intelligence purposes.